Frank G Hathaway

I started working in downtown Los Angeles in 1946 and although I am now retired, I visit the area occasionally. I want to compliment the downtown business community and the Central City Assn. in forming the new Business Improvement District. In 50 years, I have not seen the streets and sidewalks as clean as they are today. FRANK G. HATHAWAY Chairman of the Board Los Angeles Athletic Club

I started working in downtown Los Angeles in 1946 and although I am now retired, I visit the area occasionally. I want to compliment the downtown business community and the Central City Assn. in forming the new Business Improvement District. In 50 years, I have not seen the streets and sidewalks as clean as they are today. FRANK G. HATHAWAY Chairman of the Board Los Angeles Athletic Club

After months of secrecy, Marukin Shoji Ltd., a Japanese real estate company, emerged Friday as the mysterious investor in the Riviera Country Club, the landmark 168-acre golf and tennis resort in Pacific Palisades. Noboru Watanabe, chairman of Marukin USA, signed a formal agreement to pay, as previously disclosed, $52.9 million for a 49% interest in Riviera Associates, a new partnership formed with Laaco Ltd., the club's current owner. Laaco will retain the majority stake in the new partnership.

After months of secrecy, Marukin Shoji Ltd., a Japanese real estate company, emerged Friday as the mysterious investor in the Riviera Country Club, the landmark 168-acre golf and tennis resort in Pacific Palisades. Noboru Watanabe, chairman of Marukin USA, signed a formal agreement to pay, as previously disclosed, $52.9 million for a 49% interest in Riviera Associates, a new partnership formed with Laaco Ltd., the club's current owner. Laaco will retain the majority stake in the new partnership.

After spending 10 straight days on the golf course, Noboru Watanabe was looking tanned and relaxed at a party at the Beverly Hills Four Seasons Hotel given recently by his new business partners, Frank G. Hathaway and Charles F. Hathaway. The affair culminated a string of receptions to welcome Watanabe, whose Marukin Shoji company now owns a 49% interest in the landmark Riviera Country Club & Riviera Tennis Club.

Councilman Gilbert W. Lindsay, representing downtown Los Angeles, received the Spirit of Los Angeles award last week from the Los Angeles Headquarters City Assn. Also honored at the 24th annual awards luncheon at the Music Center's Dorothy Chandler Pavilion were TRW, the Los Angeles Athletic Club and the Pep Boys.

The Riviera Country Club & Tennis Club, once a favorite haunt of early Hollywood film stars, entered a new era of foreign ownership Sunday with the transfer of full ownership of the landmark 168-acre resort to Marukin Shoji Co. of Japan. The change of ownership Sunday--considered a lucky day in Japan--was uneventful compared to the disclosure last spring that Laaco Ltd. was selling the club to a mystery Japanese buyer for $108 million.

Laaco Inc., venerable owner of the Los Angeles Athletic Club, California Yacht Club, Riviera Country Club and other properties, said Friday that it is seeking to convert from a corporation to a limited partnership to lower its tax bill. The Los Angeles-based company, which is about 67% owned by the Hathaway family of Los Angeles, thus joins a growing number of closely held firms converting to limited partnerships following last month's passage of the Tax Reform Act of 1986.

The perceived uneasiness of members over a Japanese company buying 49% interest in the Riviera Country Club has reportedly abated. That's the view of Frank G. Hathaway, managing general partner of Laaco Ltd., which has retained a majority 51% interest in the landmark club in Pacific Palisades. The course looks the same and holes haven't been redesigned, or renamed with a Japanese theme.

Perhaps hoping to defuse criticism, the still-secret Japanese buyer of the landmark Riviera Country Club has scaled back its purchase plans and now intends to initially buy only a 49% interest in the Los Angeles golf and tennis resort. Laaco Ltd., the partnership that currently owns the club, said Thursday that the Japanese buyer has agreed to pay $52.9 million to acquire the minority stake. Laaco will retain the 51% majority interest.

It wasn't just the city lights, so pretty from the Southwest Museum the other night, that 400 black-tie and fancy-dress guests were talking about. It was the vibrant, colorful and contemporary art of Native American painters in the white-walled gallery off the museum patio. The oils and mixed media of Joe Baker, David Bradley, Harry Fonseca, Jaune Quick-to-See Smith, G.